CareTrust REIT (NASDAQ:CTRE) Rating Lowered to “Market Perform” at BMO Capital Markets

BMO Capital Markets downgraded shares of CareTrust REIT (NASDAQ:CTRE) from an outperform rating to a market perform rating in a report released on Monday morning, MarketBeat reports. They currently have $32.00 price target on the real estate investment trust’s stock, down from their previous price target of $34.00.

Several other research firms also recently issued reports on CTRE. KeyCorp boosted their price objective on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Wells Fargo & Company upgraded shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $28.00 to $34.00 in a research report on Tuesday, October 1st. Finally, Royal Bank of Canada lifted their price objective on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $30.67.

CareTrust REIT Stock Down 1.0 %

CTRE stock opened at $28.54 on Monday. The firm has a market cap of $4.89 billion, a PE ratio of 39.64 and a beta of 1.08. CareTrust REIT has a 12 month low of $20.10 and a 12 month high of $33.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. The firm has a 50 day simple moving average of $30.41 and a 200 day simple moving average of $28.54.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.08). The company had revenue of $77.38 million for the quarter, compared to the consensus estimate of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same period in the prior year, the business earned $0.35 earnings per share. Equities research analysts forecast that CareTrust REIT will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date was Monday, September 30th. CareTrust REIT’s payout ratio is presently 161.11%.

Hedge Funds Weigh In On CareTrust REIT

A number of hedge funds have recently modified their holdings of CTRE. Wellington Management Group LLP increased its holdings in CareTrust REIT by 5.5% in the third quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock worth $394,948,000 after buying an additional 670,348 shares during the last quarter. State Street Corp increased its stake in shares of CareTrust REIT by 6.7% during the 3rd quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust’s stock worth $259,255,000 after purchasing an additional 520,783 shares during the last quarter. FMR LLC raised its holdings in shares of CareTrust REIT by 209.9% during the 3rd quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock valued at $161,240,000 after purchasing an additional 3,538,798 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of CareTrust REIT by 7.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,732,609 shares of the real estate investment trust’s stock valued at $115,209,000 after purchasing an additional 258,271 shares during the last quarter. Finally, Zimmer Partners LP boosted its holdings in CareTrust REIT by 6.0% in the third quarter. Zimmer Partners LP now owns 3,449,615 shares of the real estate investment trust’s stock worth $106,455,000 after purchasing an additional 194,028 shares in the last quarter. 87.77% of the stock is owned by institutional investors and hedge funds.

About CareTrust REIT

CareTrust REIT, Inc’s (CareTrust REIT or the Company) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of March 31, 2024, the Company owned directly or through a joint venture and leased to independent operators, 228 skilled nursing facilities (SNFs), multi-service campuses, assisted living facilities (ALFs) and independent living facilities (ILFs) consisting of 24,189 operational beds and units located in 29 states with the highest concentration of properties by rental income located in California and Texas.